BRICKELL UNDERWRITING AGENCY

Analytics — Daily Results Timeline

14 August 2026 · generated automatically 09:26 ET · environment RMSv24-APR2026 · 100,000-trial simulation · updated every business day

$13,715,908

In-force expected annual loss (AAL, BUA share)

$57,783,312

In-force Risk Capital (TVaR 99.5%)

18.41%

In-force Margin % of Risk Capital

In-force AAL by zone and peril

Date	MX EQ	MX WS	CB EQ	CB WS	CA EQ	CA WS	SA EQ	TOTAL
2026-08-04	2,058,101	1,854,086	464,270	1,601,485	3,701,732	92,938	3,894,605	13,667,217
2026-08-05	2,058,101	1,854,086	464,270	1,601,485	3,701,732	92,938	3,894,605	13,667,217
2026-08-06	2,058,101	1,854,086	464,270	1,601,485	3,701,732	92,938	3,892,643	13,665,255
2026-08-07	2,058,101	1,854,086	464,270	1,601,485	3,701,732	92,938	3,892,643	13,665,255
2026-08-08	2,064,406	1,857,969	427,314	1,532,681	3,701,732	92,938	3,902,189	13,579,229
2026-08-10	2,064,406	1,857,969	427,314	1,532,681	3,701,732	92,938	3,933,481	13,610,521
2026-08-11	2,064,406	1,857,969	427,314	1,532,681	3,701,732	92,938	3,976,990	13,654,030
2026-08-12	2,064,406	1,857,969	427,314	1,532,681	3,701,732	92,938	4,023,859	13,700,900
2026-08-13	2,067,753	1,859,695	427,314	1,532,681	3,707,577	92,992	4,009,116	13,697,129
2026-08-14	2,067,753	1,859,695	427,314	1,532,681	3,707,577	92,992	4,027,896	13,715,908

Risk Capital tracker

Margin on Risk Capital tracker

Results Tracker — last 10 days

BUA 2024 YOA — Daily Results Tracker

Date	G Premium	Current Inc	Ult. Incurred	Final Margin	Risk Cap	Margin % Premium	Margin % Risk Cap
03-Aug-2026	58,416,655	31,640,678	31,442,257	13,748,599	58,963,674	23.54%	23.32%
04-Aug-2026	58,416,655	31,640,678	31,442,257	13,748,599	58,963,899	23.54%	23.32%
05-Aug-2026	58,416,655	31,731,679	31,533,258	13,657,598	59,109,839	23.38%	23.11%
06-Aug-2026	58,416,655	31,735,654	31,537,233	13,653,623	59,114,376	23.37%	23.10%
07-Aug-2026	58,416,655	31,865,654	31,667,233	13,523,623	61,054,799	23.15%	22.15%
10-Aug-2026	58,416,655	31,882,880	31,684,458	13,506,398	59,311,328	23.12%	22.77%
11-Aug-2026	58,422,620	31,883,438	31,685,016	13,510,886	59,311,985	23.13%	22.78%
12-Aug-2026	58,422,620	31,882,754	31,684,332	13,511,570	59,311,186	23.13%	22.78%
13-Aug-2026	58,422,620	31,880,736	31,682,315	13,513,587	59,308,828	23.13%	22.79%
14-Aug-2026	58,422,620	31,880,736	31,682,315	13,513,587	59,308,828	23.13%	22.79%

BUA 2025 YOA — Daily Results Tracker

Date	G Premium	Current Inc	Ult. Incurred	Final Margin	Risk Cap	Margin % Premium	Margin % Risk Cap
03-Aug-2026	58,740,524	25,944,313	31,141,486	12,079,890	55,026,868	20.56%	21.95%
04-Aug-2026	58,740,524	25,840,570	30,994,331	12,227,045	54,882,029	20.82%	22.28%
05-Aug-2026	58,740,524	25,851,820	30,978,111	12,243,265	54,871,906	20.84%	22.31%
06-Aug-2026	58,740,524	25,849,163	30,943,167	12,278,210	54,854,393	20.90%	22.38%
07-Aug-2026	58,740,740	25,834,201	30,897,474	12,324,080	54,784,387	20.98%	22.50%
10-Aug-2026	58,740,740	25,805,942	30,779,351	12,442,203	54,683,096	21.18%	22.75%
11-Aug-2026	58,751,506	25,827,543	30,775,019	12,455,140	54,680,845	21.20%	22.78%
12-Aug-2026	58,640,221	25,827,623	30,746,426	12,400,277	54,679,484	21.15%	22.68%
13-Aug-2026	58,640,221	25,827,623	30,717,764	12,428,939	54,651,758	21.20%	22.74%
14-Aug-2026	58,640,221	25,847,376	30,711,376	12,435,327	54,647,330	21.21%	22.76%

BUA In Force Portfolio — Daily Results Tracker

Date	G Premium	Current Inc	Ult. Incurred	Final Margin	Risk Cap	Margin % Premium	Margin % Risk Cap
03-Aug-2026	52,251,159	10,890,398	26,872,935	11,277,902	56,940,636	21.58%	19.81%
04-Aug-2026	52,459,850	11,214,062	27,997,375	10,321,803	57,122,998	19.68%	18.07%
05-Aug-2026	52,584,850	11,214,062	28,019,556	10,388,373	57,299,487	19.76%	18.13%
06-Aug-2026	52,485,726	11,214,132	27,954,312	10,373,077	57,208,785	19.76%	18.13%
07-Aug-2026	52,485,726	11,199,232	27,875,429	10,451,960	58,388,871	19.91%	17.90%
10-Aug-2026	53,121,329	11,171,223	28,052,983	10,787,451	56,885,602	20.31%	18.96%
11-Aug-2026	53,251,933	11,200,091	28,036,655	10,909,152	57,303,607	20.49%	19.04%
12-Aug-2026	53,052,202	11,200,171	28,181,411	10,602,580	57,750,864	19.99%	18.36%
13-Aug-2026	53,052,202	11,211,401	28,150,691	10,633,300	57,815,375	20.04%	18.39%
14-Aug-2026	53,052,202	11,241,275	28,143,741	10,640,249	57,783,312	20.06%	18.41%

Simulated vs RMS — Cat TVaR 99.5%

YOA	Sim Gross TVaR	RMS Gross TVaR	Delta %
2020	90,488,592	NA	NA
2021	100,515,437	98,383,195	2.17%
2022	80,975,363	79,856,684	1.40%
2023	71,796,528	71,107,515	0.97%
2024	53,194,272	52,298,860	1.71%
2025	54,353,014	53,291,642	1.99%
Current Portfolio	61,522,286	63,095,530	-2.49%

Cat XL programme effect on the tail

Year of Account	Gross Cat TVaR 99.5%	Cat XL Recovery (Tail avg)	Net Cat Tail Mean
2020	90,488,592	24,307,640	54,924,884
2021	100,515,437	25,136,675	60,310,231
2022	80,975,363	30,605,728	50,359,260
2023	71,796,528	22,754,339	50,440,252
2024	53,194,272	22,974,828	29,190,853
2025	54,353,014	20,679,415	32,022,779
CP	61,522,286	23,288,782	34,370,494

Margin vs Risk Capital by Year of Account

Year of Account	Gross Premium	Deductions (Bkge & Taxes)	(6%)	Cat XL Costs (Incl Reinst Prem)	Current Incurred (ALL)	Cat XL Recovery
2020	55,667,538	5,055,035	2,778,463	1,809,501	28,513,434	0
2021	64,620,984	6,585,277	3,028,566	2,299,122	31,544,763	0
2022	53,104,297	5,881,617	2,936,795	3,276,979	24,550,720	645,765
2023	63,990,995	7,276,763	3,348,334	4,071,437	41,702,608	2,479,868
2024	58,422,620	6,761,460	3,001,897	3,463,361	31,880,736	198,421
2025	58,640,221	8,332,984	3,095,767	4,064,768	25,847,376	1,311,090
CP	53,052,202	7,570,186	2,806,038	3,891,988	11,241,275	442,686

Year of Account	Mature Incurred (BF net of recovery)	Final Net Margin	Risk Capital (TVaR 99.5%)	Cat Tail Mean	Non-Cat Tail Mean	Margin % Gross Premium	Margin % Risk Capital
2020	28,513,434	17,511,106	82,933,871	54,924,884	28,008,987	31.46%	21.11%
2021	31,544,763	21,163,256	89,492,025	60,310,231	29,181,794	32.75%	23.65%
2022	23,904,955	17,103,952	68,824,287	50,359,260	18,465,027	32.21%	24.85%
2023	39,222,739	10,071,722	75,814,697	50,440,252	25,374,445	15.74%	13.28%
2024	31,682,315	13,513,587	59,308,828	29,190,853	30,117,975	23.13%	22.79%
2025	30,711,376	12,435,327	54,647,330	32,022,779	22,624,552	21.21%	22.76%
CP	28,143,741	10,640,249	57,783,312	34,370,494	23,412,818	20.06%	18.41%

CP (Current Portfolio) = all acceptances from past and present YOAs still in-force at Sim Run Date

BF Reserving

BF Audit — ALL Losses (Net of Cat XL Recovery)

YOA	TSI	Current Incurred	Cat XL Recovery	Current loss cost%	5yr ave loss cost	Deviation	Confidence Factor	Tail Adjustment	Est Mature Incurred
2025	272,447,647	24,536,286	1,311,090	9.01%	8.94%	0.77%	50.12%	1.00	30,711,376
CP-2025	100,099,568	7,684,298	442,686	7.68%	8.94%	-14.11%	50.12%	0.93	9,784,619
CP-2026	153,464,212	3,114,291	0	2.03%	1.73%	17.31%	28.57%	1.05	18,359,123
Current Portfolio	253,563,781	10,798,589	442,686						28,143,741

BF Audit — NON-CAT Losses

YOA	Current Incurred	Current loss cost%	5yr ave loss cost	Deviation	Confidence Factor	Tail Adjustment	Est Mature Incurred
2025	17,506,591	6.43%	7.22%	-10.94%	50.12%	0.95	21,452,810
CP-2025	5,323,024	5.32%	7.22%	-26.30%	50.12%	0.87	6,654,845
CP-2026	3,114,291	2.03%	1.45%	39.68%	28.57%	1.11	15,578,692
Current Portfolio	8,437,315						22,233,538

Exposure Analysis

Underwriting Exposure Analysis — YOA Comparison

Exposure Days (All)

YOA	Jan	Jan–Feb	Jan–Mar	Jan–Apr	Jan–May	Jan–Jun	Jan–Jul	Jan–Aug	Jan–Sep	Jan–Oct	Jan–Nov	Jan–Dec	From Previous YOA	From 2020 YOA
2020	2,343	4,296	7,495	11,927	16,311	20,076	22,797	24,014	26,295	30,368	34,690	42,416
2021	4,095	5,190	10,073	14,439	17,908	21,914	28,369	31,516	34,979	39,693	43,964	51,202	121%	121%
2022	2,920	5,475	9,125	15,074	19,819	23,785	29,124	30,037	31,222	34,568	38,601	44,928	88%	106%
2023	4,006	6,776	11,340	19,018	29,197	33,137	38,270	40,107	41,887	45,016	49,721	57,082	127%	135%
2024	2,279	4,998	9,042	17,792	26,797	34,564	40,981	43,108	46,074	49,613	54,912	62,607	110%	148%
2025	4,638	7,648	11,539	20,851	27,651	33,947	43,032	43,943	47,045	51,019	56,626	68,266	109%	161%
2026	6,071	8,260	10,976	19,068	25,641	33,290	38,308	38,672

Wind Exposure Days

YOA	Jan	Jan–Feb	Jan–Mar	Jan–Apr	Jan–May	Jan–Jun	Jan–Jul	Jan–Aug	Jan–Sep	Jan–Oct	Jan–Nov	Jan–Dec	% of Total Days	From 2020 YOA
2020	728	1,092	1,820	3,851	4,943	6,028	7,090	7,272	7,908	8,633	9,150	10,788	25.4%
2021	1,301	1,847	3,424	5,608	6,700	7,974	10,102	10,284	10,284	11,072	11,844	13,275	25.9%	123%
2022	910	1,638	2,184	4,732	6,188	7,446	9,403	9,879	9,879	10,243	10,442	11,352	25.3%	105%
2023	364	728	1,820	4,914	8,190	8,918	11,111	11,482	11,664	12,047	12,229	13,503	23.7%	125%
2024	728	1,707	2,799	6,286	9,016	10,654	12,519	12,519	13,291	13,503	13,685	14,595	23.3%	135%
2025	1,092	1,638	2,912	6,250	9,162	10,618	12,532	12,827	13,009	14,063	14,609	16,473	24.1%	153%
2026	1,092	1,638	2,548	4,884	7,250	8,706	9,796	9,796

TSI (All)

YOA	Jan	Jan–Feb	Jan–Mar	Jan–Apr	Jan–May	Jan–Jun	Jan–Jul	Jan–Aug	Jan–Sep	Jan–Oct	Jan–Nov	Jan–Dec	From Previous YOA	From 2020 YOA
2020	12,791,287	23,772,712	48,422,212	85,653,628	104,653,317	127,070,638	156,098,961	165,566,720	186,217,710	212,196,960	231,977,530	293,489,983
2021	30,462,933	33,712,933	55,592,665	80,638,470	99,004,594	125,499,572	174,245,775	187,369,431	197,355,096	218,453,539	245,296,039	292,760,187	100%	100%
2022	15,197,850	24,397,896	44,973,715	84,965,621	115,077,479	136,124,608	169,677,855	171,727,855	178,911,157	189,842,013	209,189,954	241,224,395	82%	82%
2023	21,032,500	30,689,486	48,287,753	85,314,102	138,202,734	154,444,516	184,416,176	190,745,099	204,360,291	212,462,247	232,503,323	258,709,178	107%	88%
2024	9,032,801	19,689,879	34,804,468	74,575,005	106,330,868	144,061,147	170,121,000	179,644,290	191,673,290	203,700,663	222,608,876	252,220,936	97%	86%
2025	18,841,046	30,448,112	44,917,379	87,377,508	118,131,134	149,751,463	180,601,481	182,726,481	191,499,846	206,359,833	224,625,497	272,447,647	108%	93%
2026	23,272,960	35,522,960	42,924,486	73,825,236	98,900,604	132,739,305	152,714,212	153,464,212

Hurr TSI (Wind Terr)

YOA	Jan	Jan–Feb	Jan–Mar	Jan–Apr	Jan–May	Jan–Jun	Jan–Jul	Jan–Aug	Jan–Sep	Jan–Oct	Jan–Nov	Jan–Dec	% of Total TSI	From 2020 YOA
2020	6,611,287	11,791,912	24,866,412	56,672,828	64,597,828	74,502,718	94,281,041	96,280,968	102,630,968	113,395,968	115,945,968	139,820,968	47.6%
2021	22,190,083	25,440,083	38,760,291	63,806,096	74,461,058	89,526,055	122,189,552	125,189,552	125,189,552	133,604,552	143,354,552	160,642,122	54.9%	115%
2022	9,675,000	14,100,000	19,475,000	55,066,058	71,211,871	84,311,871	106,837,935	108,887,935	108,887,935	111,437,935	115,487,935	125,735,435	52.1%	90%
2023	3,150,000	5,950,000	14,972,027	49,494,851	86,742,653	93,572,653	118,919,313	121,919,313	123,419,313	125,719,313	129,469,313	137,960,813	53.3%	99%
2024	5,066,551	13,941,551	23,841,551	56,077,685	80,447,685	98,206,509	113,503,862	113,503,862	118,132,862	120,632,862	121,757,862	127,395,362	50.5%	91%
2025	8,450,000	14,985,000	24,229,922	58,306,604	82,997,231	99,095,831	110,065,581	111,190,581	111,740,581	121,700,381	124,825,381	135,666,327	49.8%	97%
2026	9,500,000	16,250,000	22,133,257	43,770,395	60,842,895	74,302,895	82,241,409	82,241,409

TIV To BUA (All)

YOA	Jan	Jan–Feb	Jan–Mar	Jan–Apr	Jan–May	Jan–Jun	Jan–Jul	Jan–Aug	Jan–Sep	Jan–Oct	Jan–Nov	Jan–Dec	From Previous YOA	From 2020 YOA
2020	1,324,162,380	3,315,086,182	15,203,398,520	18,415,535,229	26,673,877,879	31,533,370,327	38,604,325,145	40,040,615,926	44,099,447,582	60,342,520,855	64,184,272,626	72,961,694,184
2021	21,281,712,756	22,833,405,984	25,100,504,228	27,730,759,080	34,035,167,057	41,913,792,883	53,165,187,817	56,732,420,621	59,525,093,772	61,068,571,827	65,653,421,173	76,009,196,907	104%	104%
2022	2,680,654,500	5,342,812,013	7,396,291,774	13,340,212,369	21,794,787,428	38,985,718,177	45,667,876,612	45,875,670,578	49,056,963,308	49,873,320,780	52,966,154,243	62,217,431,981	82%	85%
2023	3,035,840,404	4,975,028,476	9,165,027,115	15,397,560,188	30,997,743,568	42,285,344,739	49,852,232,615	50,172,559,445	54,017,760,085	55,581,244,082	60,852,587,954	66,644,519,308	107%	91%
2024	1,054,820,045	3,876,638,464	5,961,401,493	14,563,614,580	21,494,417,172	40,290,812,617	46,263,230,623	47,733,047,402	50,980,344,816	56,733,081,876	60,486,472,874	67,855,396,778	102%	93%
2025	3,896,994,209	6,663,487,012	8,754,793,643	20,090,983,990	24,547,847,044	41,147,072,871	44,763,460,176	44,990,146,086	45,784,491,816	48,663,164,587	54,359,823,918	68,373,063,256	101%	94%
2026	4,472,448,455	7,373,571,417	8,289,567,736	14,633,047,406	18,096,535,003	35,082,457,791	36,793,200,189	36,807,824,980

Gross Premium (All)

YOA	Jan	Jan–Feb	Jan–Mar	Jan–Apr	Jan–May	Jan–Jun	Jan–Jul	Jan–Aug	Jan–Sep	Jan–Oct	Jan–Nov	Jan–Dec	From Previous YOA	From 2020 YOA
2020	1,626,888	3,058,275	9,682,667	14,176,886	18,800,838	23,398,374	27,612,998	28,786,774	33,449,702	40,013,917	44,585,342	55,667,538
2021	9,387,309	9,810,027	14,288,133	17,913,767	21,476,199	28,377,610	37,509,576	42,304,741	45,401,080	49,471,630	55,386,154	64,620,984	116%	116%
2022	3,355,133	6,738,868	11,295,684	18,056,361	24,425,603	29,667,067	37,387,612	37,762,851	40,001,320	41,944,642	45,251,903	53,104,297	82%	95%
2023	6,161,739	8,453,685	13,845,017	22,590,402	34,926,919	39,322,158	47,847,828	48,820,752	51,115,785	53,439,121	58,161,625	63,990,995	121%	115%
2024	4,002,958	6,380,353	11,058,353	20,340,508	27,506,511	35,114,678	40,013,732	41,868,852	44,956,522	48,333,913	51,943,698	58,422,620	91%	105%
2025	5,754,029	8,598,208	12,754,410	22,066,251	28,065,423	33,327,281	37,987,309	38,304,517	39,457,004	43,075,114	46,546,812	58,640,221	100%	105%
2026	4,299,214	7,721,118	9,977,117	18,964,863	22,856,109	28,328,517	30,587,586	30,647,586

TSI as % of TIV To BUA

YOA	Jan	Jan–Feb	Jan–Mar	Jan–Apr	Jan–May	Jan–Jun	Jan–Jul	Jan–Aug	Jan–Sep	Jan–Oct	Jan–Nov	Jan–Dec	From Previous YOA	From 2020 YOA
2020	0.97%	0.72%	0.32%	0.47%	0.39%	0.40%	0.40%	0.41%	0.42%	0.35%	0.36%	0.40%
2021	0.14%	0.15%	0.22%	0.29%	0.29%	0.30%	0.33%	0.33%	0.33%	0.36%	0.37%	0.39%	96%	96%
2022	0.57%	0.46%	0.61%	0.64%	0.53%	0.35%	0.37%	0.37%	0.36%	0.38%	0.39%	0.39%	101%	96%
2023	0.69%	0.62%	0.53%	0.55%	0.45%	0.37%	0.37%	0.38%	0.38%	0.38%	0.38%	0.39%	100%	97%
2024	0.86%	0.51%	0.58%	0.51%	0.49%	0.36%	0.37%	0.38%	0.38%	0.36%	0.37%	0.37%	96%	92%
2025	0.48%	0.46%	0.51%	0.43%	0.48%	0.36%	0.40%	0.41%	0.42%	0.42%	0.41%	0.40%	107%	99%
2026	0.52%	0.48%	0.52%	0.50%	0.55%	0.38%	0.42%	0.42%

Annualised Rate = (Prem × Count) / (Days × TSI) × 365

YOA	Jan	Jan–Feb	Jan–Mar	Jan–Apr	Jan–May	Jan–Jun	Jan–Jul	Jan–Aug	Jan–Sep	Jan–Oct	Jan–Nov	Jan–Dec	From Previous YOA	From 2020 YOA
2020	13.8695%	13.1162%	19.4761%	16.7152%	17.2864%	17.7432%	17.2766%	17.1776%	17.7031%	18.5850%	18.8069%	18.6070%
2021	32.9602%	30.6966%	26.0765%	22.4626%	21.6643%	22.2207%	21.3265%	22.2265%	22.3247%	21.8658%	21.5578%	21.0849%	113%	113%
2022	22.0764%	27.6207%	25.1162%	21.0977%	21.1086%	21.7391%	21.8158%	21.6444%	22.2171%	21.9296%	21.6818%	21.8195%	103%	117%
2023	26.6928%	25.2246%	28.6087%	25.9180%	24.6430%	24.6790%	25.2405%	24.9234%	24.6292%	24.6768%	24.4237%	24.1987%	111%	130%
2024	42.5852%	30.7639%	30.7819%	27.4178%	25.3697%	23.9383%	23.2533%	23.0886%	23.2262%	23.2171%	22.6448%	22.5521%	93%	121%
2025	28.8410%	26.9540%	27.8440%	25.1982%	23.8343%	22.2538%	20.6955%	20.5463%	19.9823%	20.0109%	19.7683%	20.2541%	90%	109%
2026	15.5488%	19.2094%	20.8695%	23.1116%	21.0543%	19.4214%	18.3206%	18.2834%

As-At Comparison

Underwriting Exposure — As At 14 August 2026

Showing cumulative values for acceptances incepting on or before 14 Aug in each YOA

Number of Acceptances

YOA	Value	From Previous YOA	From 2020 YOA
2020	71
2021	80	113%	113%
2022	80	100%	113%
2023	103	129%	145%
2024	114	111%	161%
2025	118	104%	166%
2026	97	82%	137%

Exposure Days (All)

YOA	Value	From Previous YOA	From 2020 YOA
2020	26,349
2021	29,645	113%	113%
2022	29,672	100%	113%
2023	38,636	130%	147%
2024	41,975	109%	159%
2025	43,943	105%	167%
2026	38,672	88%	147%

TSI (All)

YOA	Value	From Previous YOA	From 2020 YOA
2020	187,282,436
2021	178,595,775	95%	95%
2022	170,827,855	96%	91%
2023	185,416,176	109%	99%
2024	173,721,000	94%	93%
2025	182,726,481	105%	98%
2026	153,464,212	84%	82%

Gross Premium (All)

YOA	Value	From Previous YOA	From 2020 YOA
2020	32,871,219
2021	40,261,017	122%	122%
2022	37,570,460	93%	114%
2023	48,097,828	128%	146%
2024	40,939,851	85%	125%
2025	38,304,517	94%	117%
2026	30,647,586	80%	93%

TSI as % of TIV To BUA

YOA	Value	From Previous YOA	From 2020 YOA
2020	0.43%
2021	0.33%	77%	77%
2022	0.37%	113%	86%
2023	0.37%	100%	86%
2024	0.37%	99%	85%
2025	0.41%	110%	94%
2026	0.42%	103%	96%

Annualised Rate = (Prem × Count) / (Days × TSI) × 365

YOA	Value	From Previous YOA	From 2020 YOA
2020	17.2626%
2021	22.2047%	129%	129%
2022	21.6433%	97%	125%
2023	25.2415%	117%	146%
2024	23.3615%	93%	135%
2025	20.5463%	88%	119%
2026	18.2834%	89%	106%

Incurred Losses As-At 14 Aug (by Loss Date)

YOA	Incurred BUA	Claims Count	From 2020 YOA
2020	5,158,959	40
2021	7,907,949	39	153%
2022	1,784,347	57	35%
2023	4,947,860	102	96%
2024	7,299,718	64	141%
2025	4,163,915	107	81%
2026	3,114,291	57	60%

Incurred Losses As-At 14 Aug (by Incurred Year)

Incurred Year	Incurred BUA	Claims Count	From 2020
2020	5,158,959	40
2021	25,568,978	170	496%
2022	15,264,591	218	296%
2023	13,508,863	241	262%
2024	19,448,102	205	377%
2025	11,102,821	232	215%
2026	10,645,813	192	206%

Book Balance As-At 14 Aug (Avg Line Size / Gross Premium)

YOA	Avg Line Size	Gross Premium	Balance %
2020	2,637,781	32,871,219	8.02%
2021	2,232,447	40,261,017	5.54%
2022	2,135,348	37,570,460	5.68%
2023	1,800,157	48,097,828	3.74%
2024	1,523,868	40,939,851	3.72%
2025	1,548,530	38,304,517	4.04%
2026	1,582,105	30,647,586	5.16%

Annualized Book Balance As-At 14 Aug (12-Month Pro-Rata Premium)

YOA	Avg Line Size	Pro-Rata Premium	Balance %
2020	2,574,474	57,458,075	4.48%
2021	2,184,778	60,759,471	3.60%
2022	1,977,249	52,883,572	3.74%
2023	1,690,910	64,655,215	2.62%
2024	1,510,305	57,328,137	2.63%
2025	1,547,998	55,804,215	2.77%
In Force	1,555,606	46,325,747	3.36%

Compression Analysis

BUA 2020–2024 Combined — Compression Analysis

Compression Band	Count	Aggregate TSI	Total Premium	Rate (Prem/TSI)	Annualised Premium	Annualised Rate	Non-Cat Incurred	Non-Cat % TSI	All Incurred	All % TSI
≤ 0.200%	79	155,385,270	52,208,794	33.600%	46,792,998	30.114%	48,875,476	31.454%	58,139,124	37.416%
0.201% – 0.300%	73	121,099,279	35,300,678	29.150%	33,826,919	27.933%	5,531,052	4.567%	8,335,570	6.883%
0.301% – 0.400%	47	85,112,906	24,922,588	29.282%	23,277,505	27.349%	10,055,192	11.814%	16,320,312	19.175%
0.401% – 0.500%	43	79,379,128	19,987,420	25.180%	18,829,963	23.722%	6,581,101	8.291%	12,633,299	15.915%
0.501% – 0.600%	57	121,471,295	27,046,684	22.266%	25,825,045	21.260%	11,591,897	9.543%	11,815,872	9.727%
0.601% – 0.700%	38	73,819,698	16,994,906	23.022%	16,749,988	22.690%	4,866,882	6.593%	5,418,091	7.340%
0.701% – 0.800%	35	58,100,990	11,523,704	19.834%	10,737,908	18.481%	1,734,428	2.985%	1,986,354	3.419%
0.801% – 1.000%	59	118,783,024	22,698,747	19.109%	21,078,728	17.746%	7,879,894	6.634%	7,971,332	6.711%
1.001% – 1.250%	37	62,752,947	16,403,316	26.140%	15,776,395	25.140%	12,068,811	19.232%	14,159,860	22.564%
1.251% – 1.500%	26	59,159,390	9,699,435	16.395%	9,449,736	15.973%	2,266,373	3.831%	3,727,901	6.301%
> 1.500%	196	403,340,753	59,020,162	14.633%	57,740,204	14.315%	14,845,243	3.681%	17,684,545	4.385%
Total	690	1,338,404,679	295,806,434	22.101%	280,085,388	20.927%	126,296,349	9.436%	158,192,261	11.819%

BUA 2026 YOA — Compression Analysis

Compression Band	Count	Aggregate TSI	Total Premium	Rate (Prem/TSI)	Annualised Premium	Annualised Rate
≤ 0.200%	10	16,525,564	4,599,604	27.833%	4,072,949	24.646%
0.201% – 0.300%	4	5,259,693	1,742,783	33.135%	1,742,783	33.135%
0.301% – 0.400%	8	15,815,570	3,941,884	24.924%	3,847,664	24.328%
0.401% – 0.500%	5	11,065,615	1,816,002	16.411%	1,589,827	14.367%
0.501% – 0.600%	6	10,342,300	2,683,314	25.945%	2,543,454	24.593%
0.601% – 0.700%	8	13,178,492	2,674,003	20.291%	2,362,305	17.925%
0.701% – 0.800%	6	6,379,329	961,522	15.072%	868,063	13.607%
0.801% – 1.000%	7	12,043,750	2,757,207	22.893%	2,697,371	22.396%
1.001% – 1.250%	6	8,175,150	1,465,542	17.927%	1,415,953	17.320%
1.251% – 1.500%	9	19,252,869	3,487,288	18.113%	3,066,489	15.927%
> 1.500%	28	35,425,880	4,518,438	12.755%	4,265,811	12.042%
Total	97	153,464,212	30,647,586	19.971%	28,472,670	18.553%

BUA In-Force Portfolio — Compression Analysis

Compression Band	Count	Aggregate TSI	Total Premium	Rate (Prem/TSI)	Annualised Premium	Annualised Rate
≤ 0.200%	19	28,927,729	9,341,443	32.292%	7,716,294	26.674%
0.201% – 0.300%	11	16,859,693	6,582,149	39.041%	5,415,424	32.121%
0.301% – 0.400%	17	31,947,864	6,916,237	21.649%	6,141,002	19.222%
0.401% – 0.500%	10	18,215,615	3,228,925	17.726%	3,002,750	16.484%
0.501% – 0.600%	14	21,473,329	5,214,861	24.285%	4,450,266	20.725%
0.601% – 0.700%	10	16,078,680	3,079,680	19.154%	2,696,541	16.771%
0.701% – 0.800%	8	8,179,329	1,267,312	15.494%	1,089,577	13.321%
0.801% – 1.000%	9	14,793,750	3,208,009	21.685%	3,029,926	20.481%
1.001% – 1.250%	9	12,925,150	2,221,913	17.191%	2,064,726	15.974%
1.251% – 1.500%	13	27,502,869	4,520,345	16.436%	4,038,285	14.683%
> 1.500%	43	56,659,774	7,471,329	13.186%	6,656,463	11.748%
Total	163	253,563,781	53,052,202	20.923%	46,301,256	18.260%

Margin League Tables

Occupancy League — YOA 2020–2025 Combined

Name	Premium Rate on TSI	Incurred Loss Rate on TSI	Non-Cat Loss Rate on TSI	Delta	Acceptances	Gross Premium	Profit	Avg Severity	NC Avg Severity	Avg Compression	Premium Years	Years Impacted	Total Impacts	Non-Cat Impacts
Construction	58.021%	32.923%	0.545%	25.098%	4	7,369,978	1,610,565	5.412%	0.210%	0.380%	4	3	22	9
Airplane Hangars	27.560%	2.936%	0.000%	24.624%	2	428,376	269,561	6.230%	0.000%	1.644%	1	1	1	0
Primary and secondary schools	24.200%	0.000%	0.000%	24.200%	2	605,000	445,151	0.000%	0.000%	0.609%	1	0	0	0
Highway	23.408%	0.329%	0.329%	23.079%	2	678,593	489,764	0.161%	0.161%	0.299%	1	1	9	9
Heavy fabrication and assembly	21.878%	0.000%	0.000%	21.878%	1	292,388	215,135	0.000%	0.000%	4.739%	1	0	0	0
Telephone and telegraph	24.213%	3.173%	0.524%	21.040%	21	12,676,079	8,339,987	0.975%	0.181%	0.619%	5	5	62	57
Universities, colleges and techschools	22.479%	1.626%	0.628%	20.853%	11	3,148,989	2,205,376	0.890%	0.459%	1.331%	5	5	20	17
Sea and inland waterways	23.516%	6.947%	2.286%	16.569%	8	2,694,716	1,332,800	3.973%	1.654%	0.759%	3	2	17	15
Petroleum	19.796%	3.486%	3.486%	16.310%	40	17,003,875	10,304,989	4.891%	5.078%	0.507%	6	6	27	26
Natural gas	15.537%	0.000%	0.000%	15.537%	2	687,531	505,876	0.000%	0.000%	0.308%	1	0	0	0
General services	19.034%	4.001%	3.098%	15.033%	54	14,929,395	8,512,375	1.818%	1.675%	1.044%	6	6	160	153
Metal and minerals processing	17.229%	2.292%	2.292%	14.937%	15	5,740,487	3,828,200	3.946%	3.946%	0.736%	6	5	17	17
General commercial	15.638%	1.743%	1.743%	13.894%	6	1,131,000	727,074	21.012%	21.012%	0.386%	4	1	1	1
Mining	22.013%	9.303%	9.296%	12.710%	72	38,051,469	14,051,704	20.539%	21.123%	1.302%	6	6	33	32
Apartment/Condo	27.787%	15.583%	15.583%	12.204%	5	3,028,819	530,009	13.588%	13.588%	0.505%	1	1	5	5
Sanitary sewer	26.307%	14.184%	14.138%	12.122%	2	887,848	174,545	6.383%	8.483%	0.554%	1	1	4	3
Gasoline Stations	12.001%	0.292%	0.292%	11.709%	5	696,041	525,586	0.846%	0.846%	1.297%	3	2	5	5
Electrical	22.963%	12.733%	12.128%	10.230%	286	117,302,047	26,811,404	8.092%	7.889%	1.652%	6	6	465	448
Temporary lodging	17.974%	7.895%	0.730%	10.079%	92	34,524,824	11,747,958	4.924%	0.890%	1.366%	6	6	192	128
Health care services	10.780%	0.844%	0.844%	9.936%	8	1,866,257	1,306,887	0.715%	0.715%	1.162%	5	2	9	9
Food and drug processing	23.043%	13.874%	11.204%	9.170%	89	39,590,533	7,224,445	3.408%	3.070%	0.958%	6	6	447	425
Retail trade	30.764%	25.134%	13.358%	5.630%	35	19,048,046	-793,457	3.345%	1.986%	0.363%	6	6	244	224
Communication	13.147%	8.855%	0.271%	4.292%	4	545,617	33,972	24.499%	1.500%	0.556%	1	1	2	1
Chemical processing	22.525%	20.456%	20.350%	2.070%	62	20,676,892	-2,446,788	10.714%	11.303%	1.325%	6	6	70	66
Railroad	16.393%	14.637%	14.637%	1.756%	14	3,806,741	-423,956	2.496%	2.496%	1.116%	6	5	81	81
Flood control	15.606%	15.895%	15.895%	-0.289%	1	243,848	-68,942	1.060%	1.060%	0.581%	1	1	15	15
Air	20.922%	23.776%	0.778%	-2.854%	7	2,543,589	-914,726	15.256%	0.591%	0.852%	5	5	15	9
General industrial	19.138%	22.976%	22.976%	-3.838%	11	2,632,481	-1,174,367	30.238%	30.238%	3.253%	5	2	6	6
Water	17.545%	34.983%	20.745%	-17.439%	5	1,615,198	-2,032,233	5.125%	2.846%	0.655%	1	1	43	42

Occupancy League — Last 365 Days

Name	Premium Rate on TSI	Incurred Loss Rate on TSI	Non-Cat Loss Rate on TSI	Delta	Acceptances	Gross Premium	Profit	Avg Severity	NC Avg Severity	Avg Compression
Heavy fabrication and assembly	35.738%	0.006%	0.006%	35.732%	2	1,192,388	1,114,935	0.010%	0.010%	2.499%
Retail trade	28.467%	0.350%	0.349%	28.117%	9	3,696,702	3,263,898	0.319%	0.351%	0.348%
Chemical processing	24.980%	0.000%	0.000%	24.980%	6	1,814,437	1,592,475	0.000%	0.000%	0.788%
Primary and secondary schools	24.486%	0.000%	0.000%	24.486%	2	642,750	519,891	0.000%	0.000%	0.854%
Food and drug processing	25.029%	2.503%	2.503%	22.527%	16	5,463,584	3,966,424	0.618%	0.618%	0.947%
Sanitary sewer	21.712%	0.220%	0.220%	21.492%	4	1,494,886	1,479,736	0.808%	0.808%	0.426%
Temporary lodging	20.549%	0.070%	0.070%	20.480%	17	6,289,998	6,094,720	0.399%	0.399%	1.243%
General services	20.695%	0.415%	0.415%	20.280%	12	4,533,728	3,912,561	2.072%	2.072%	0.839%
Railroad	19.612%	0.000%	0.000%	19.612%	1	275,456	202,677	0.000%	0.000%	0.356%
Airplane Hangars	17.930%	0.000%	0.000%	17.930%	2	669,156	604,007	0.000%	0.000%	1.142%
Mining	21.261%	3.751%	3.751%	17.511%	10	4,353,712	3,052,150	24.000%	24.000%	0.812%
Electrical	20.124%	3.407%	3.407%	16.717%	46	13,212,745	9,728,811	4.031%	4.146%	1.701%
Telephone and telegraph	16.500%	0.000%	0.000%	16.500%	1	193,050	193,050	0.000%	0.000%	2.819%
Petroleum	17.773%	1.306%	1.306%	16.467%	6	1,643,997	1,408,442	1.381%	1.381%	0.388%
Natural gas	15.537%	0.000%	0.000%	15.537%	2	687,531	505,876	0.000%	0.000%	0.308%
General commercial	15.095%	0.000%	0.000%	15.095%	2	603,808	497,695	0.000%	0.000%	0.639%
Highway	15.014%	0.000%	0.000%	15.014%	1	139,151	139,151	0.000%	0.000%	0.790%
Communication	13.714%	0.000%	0.000%	13.714%	1	137,143	100,908	0.000%	0.000%	0.401%
Air	12.857%	0.000%	0.000%	12.857%	1	315,000	315,000	0.000%	0.000%	1.341%
General industrial	11.386%	0.000%	0.000%	11.386%	4	631,928	592,296	0.000%	0.000%	4.024%
Metal and minerals processing	10.869%	0.000%	0.000%	10.869%	2	144,103	127,328	0.000%	0.000%	0.293%
Health care services	10.564%	0.090%	0.090%	10.474%	3	647,019	575,466	0.220%	0.220%	0.780%
Apartment/Condo	32.559%	28.309%	28.309%	4.250%	3	1,953,519	-141,349	16.985%	16.985%	1.714%
Water	11.000%	8.208%	8.208%	2.792%	2	247,500	30,463	18.467%	18.467%	0.621%

Insured Country League — YOA 2020–2025 Combined

Name	Premium Rate on TSI	Incurred Loss Rate on TSI	Non-Cat Loss Rate on TSI	Delta	Acceptances	Gross Premium	Profit	Avg Severity	NC Avg Severity	Avg Compression	Premium Years	Years Impacted	Total Impacts	Non-Cat Impacts
Curacao	25.000%	0.000%	0.000%	25.000%	1	312,500	254,890	0.000%	0.000%	0.623%	1	0	0	0
Spain	24.000%	0.000%	0.000%	24.000%	1	598,800	495,073	0.000%	0.000%	0.091%	1	0	0	0
Bahamas	37.799%	16.735%	16.640%	21.065%	12	5,957,961	1,994,528	37.971%	45.365%	0.998%	6	4	6	5
Guyana	21.050%	0.000%	0.000%	21.050%	3	731,486	556,414	0.000%	0.000%	1.716%	3	0	0	0
Panama	20.377%	0.000%	0.000%	20.377%	1	152,825	124,652	0.000%	0.000%	0.761%	1	0	0	0
Puerto Rico	23.830%	3.951%	2.161%	19.879%	37	15,385,809	9,470,766	3.202%	2.319%	1.074%	6	6	40	35
Venezuela	16.664%	0.000%	0.000%	16.664%	3	3,377,552	2,738,108	0.000%	0.000%	1.358%	2	0	0	0
Bolivia	16.971%	0.688%	0.688%	16.283%	8	1,875,747	1,387,172	0.195%	0.195%	0.708%	6	1	13	13
Peru	24.215%	7.948%	7.430%	16.267%	71	30,558,165	14,030,670	2.631%	2.758%	1.024%	6	6	264	242
Trinidad and Tobago	16.119%	0.000%	0.000%	16.119%	5	1,009,880	792,752	0.000%	0.000%	0.752%	5	0	0	0
Cayman Islands	15.050%	0.188%	0.188%	14.862%	1	376,251	272,149	0.094%	0.094%	2.099%	1	1	2	2
USVI (United States Virgin Islands)	16.860%	2.239%	2.125%	14.620%	7	1,449,920	971,003	9.606%	18.275%	2.380%	5	2	2	1
El Salvador	17.820%	4.074%	1.378%	13.745%	11	3,530,003	1,971,352	20.571%	9.496%	2.401%	6	3	3	2
Argentina	22.361%	8.919%	8.919%	13.442%	74	24,788,216	9,554,513	14.354%	14.572%	0.855%	6	6	67	66
Costa Rica	21.033%	8.297%	8.297%	12.736%	13	6,233,202	2,316,030	5.034%	5.034%	0.479%	6	2	12	12
Ecuador	22.906%	10.614%	10.256%	12.292%	61	27,789,176	8,782,009	2.825%	2.812%	1.091%	6	6	208	201
Mexico	24.114%	13.489%	6.295%	10.626%	213	107,679,298	24,200,559	7.439%	4.520%	1.174%	6	6	409	308
Haiti	10.202%	0.000%	0.000%	10.202%	3	198,233	151,145	0.000%	0.000%	12.525%	3	0	0	0
Colombia	15.714%	6.605%	6.495%	9.108%	78	24,910,706	8,866,410	2.411%	2.379%	1.213%	6	6	221	217
Brazil	19.380%	11.093%	11.093%	8.287%	81	28,570,461	6,145,529	4.461%	4.461%	1.484%	6	6	211	211
Bermuda	29.304%	21.124%	1.315%	8.180%	2	527,475	19,795	10.042%	0.894%	1.396%	2	2	5	3
Dominican Republic	17.062%	9.054%	7.165%	8.008%	35	10,105,033	2,509,555	6.757%	4.397%	1.910%	6	6	42	40
Guatemala	23.529%	17.826%	16.757%	5.703%	61	25,036,491	529,311	3.645%	3.567%	1.106%	6	6	305	288
Canada	21.784%	16.379%	16.379%	5.405%	6	3,513,206	243,555	36.433%	36.433%	2.330%	4	2	3	3
Jamaica	18.409%	15.195%	0.000%	3.214%	12	3,057,041	-181,816	80.277%	0.000%	0.782%	6	1	3	0
Chile	28.231%	25.786%	25.785%	2.446%	47	19,581,845	-2,784,255	7.236%	7.294%	0.850%	6	6	124	123
Honduras	16.960%	18.294%	18.290%	-1.334%	19	7,139,373	-2,072,977	9.611%	9.918%	3.256%	6	5	32	31

Insured Country League — Last 365 Days

Name	Premium Rate on TSI	Incurred Loss Rate on TSI	Non-Cat Loss Rate on TSI	Delta	Acceptances	Gross Premium	Profit	Avg Severity	NC Avg Severity	Avg Compression
Guatemala	32.361%	3.176%	3.176%	29.185%	8	3,604,994	2,591,994	1.121%	1.121%	1.607%
Honduras	29.717%	1.009%	1.009%	28.708%	4	2,035,633	1,833,919	0.231%	0.231%	3.127%
Jamaica	24.282%	0.000%	0.000%	24.282%	4	1,120,000	1,120,000	0.000%	0.000%	1.447%
Chile	24.064%	1.266%	1.266%	22.798%	10	4,028,682	3,193,954	2.950%	2.950%	0.737%
Bahamas	21.213%	0.288%	0.288%	20.925%	3	742,444	732,364	0.630%	0.630%	1.376%
Mexico	24.485%	4.518%	4.518%	19.967%	35	13,692,070	10,224,053	5.544%	5.808%	0.839%
Guyana	19.500%	0.000%	0.000%	19.500%	1	204,750	204,750	0.000%	0.000%	1.650%
Peru	21.922%	3.186%	3.186%	18.736%	11	5,053,049	3,570,401	5.145%	5.145%	1.148%
Argentina	18.687%	0.407%	0.407%	18.279%	15	3,433,285	2,675,539	1.303%	1.519%	0.757%
Costa Rica	17.031%	0.000%	0.000%	17.031%	2	851,558	851,558	0.000%	0.000%	0.309%
Puerto Rico	16.814%	0.000%	0.000%	16.814%	6	1,471,269	1,348,410	0.000%	0.000%	1.484%
Colombia	16.901%	0.315%	0.315%	16.586%	16	4,876,326	4,202,317	2.072%	2.072%	1.275%
Bermuda	16.500%	0.000%	0.000%	16.500%	1	193,050	193,050	0.000%	0.000%	2.819%
El Salvador	15.000%	0.000%	0.000%	15.000%	1	304,500	304,500	0.000%	0.000%	0.512%
Brazil	15.866%	1.143%	1.143%	14.723%	13	2,998,874	2,376,522	1.617%	1.617%	1.101%
Dominican Republic	14.263%	0.245%	0.245%	14.018%	5	705,266	550,399	0.428%	0.428%	1.824%
Ecuador	19.087%	5.483%	5.483%	13.603%	16	4,962,523	3,256,164	2.682%	2.682%	0.918%
Bolivia	11.341%	0.000%	0.000%	11.341%	2	516,016	465,815	0.000%	0.000%	1.352%
Cayman Islands	11.520%	0.648%	0.648%	10.872%	1	144,000	135,900	0.648%	0.648%	2.180%
Haiti	9.000%	0.000%	0.000%	9.000%	1	45,000	45,000	0.000%	0.000%	12.698%